Freshworks Inc. (NASDAQ:FRSH) Receives Average Recommendation of “Hold” from Analysts

Freshworks Inc. (NASDAQ:FRSH) has received an average recommendation of “Hold” from the thirteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $20.43.

Several research firms have commented on FRSH. Piper Sandler reaffirmed an “overweight” rating and set a $22.00 price objective (up from $20.00) on shares of Freshworks in a report on Wednesday. Canaccord Genuity Group upped their price target on shares of Freshworks from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Barclays lifted their price objective on shares of Freshworks from $14.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Oppenheimer dropped their target price on Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $27.00 price target on shares of Freshworks in a research report on Wednesday.

Freshworks Stock Down 2.0 %

Freshworks stock opened at $14.48 on Friday. The firm has a 50 day moving average price of $14.40 and a 200-day moving average price of $15.37. Freshworks has a twelve month low of $10.81 and a twelve month high of $19.77. The company has a market capitalization of $4.37 billion, a P/E ratio of -45.25 and a beta of 0.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. Freshworks’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 earnings per share. Equities analysts expect that Freshworks will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $18.29, for a total value of $52,291.11. Following the completion of the transaction, the insider now owns 397,390 shares of the company’s stock, valued at $7,268,263.10. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Johanna Flower sold 1,450 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total transaction of $26,114.50. Following the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. This trade represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,177 shares of company stock worth $498,042. Insiders own 19.15% of the company’s stock.

Hedge Funds Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of FRSH. Barclays PLC lifted its position in Freshworks by 33.4% in the 3rd quarter. Barclays PLC now owns 337,621 shares of the company’s stock worth $3,875,000 after buying an additional 84,568 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Freshworks during the third quarter worth approximately $534,000. Franklin Resources Inc. lifted its holdings in shares of Freshworks by 18.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after acquiring an additional 604,658 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Freshworks by 49.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock valued at $60,503,000 after purchasing an additional 1,752,995 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new position in shares of Freshworks during the 4th quarter valued at $190,000. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.